Human Resources > Faculty FAQ

Faculty FAQ

2019 Early Retirement Incentive Program Questions and Answers for Faculty.

Am I required to sign a Severance Agreement?

In order to receive the incentive payment and benefits outlined for you in your early retirement program package, you will be required to sign a Severance Agreement and adhere to the deadlines outlined in your materials.​

When will I receive my last pay check?

You will be paid through your separation/retirement date and will receive your last regular pay check on Friday, July 5, 2019.  ​

When will I receive my incentive payment?

Your incentive payment will be paid by Friday, July 12, 2019.​

Can I receive my incentive payment over several payments rather than one lump sum?

No, the incentive payment will be made as a single lump sum payment by Friday, July 12, 2019.

When do my benefits end?

Dental and Vision benefits end the last day of the month in which your employment with DePaul University terminates.  Medical benefits may be continued through the Retiree Medical Program, if you are eligible and elect to enroll in the Retiree Medical coverage. View Understanding DePaul’s Retiree Medical Plan for retiree medical eligibility. All other benefits end the day your employment terminates.  There may be options available to convert certain benefit options.  Refer to your individual Early Retirement Incentive Program materials and the Retiree and COBRA sections of the Human Resources website for additional information,

How can I continue to receive health benefits (medical, dental, vision) after I leave DePaul?

Medical benefits may be continued through the Retiree Medical Program if you are eligible for the program and enrolled in a DePaul medical plan when you retire. View Understanding DePaul’s Retiree Medical Plan for retiree medical eligibility. An additional option available is the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), which provides you with the ability to continue your health benefits (medical, dental, vision and health care flexible spending account) for up to 18 months.  COBRA information, including how and when to enroll, will be sent to your home address within four weeks of your last day of employment.  For additional questions related to the Retiree Medical Program, contact DePaul’s Benefits Department at 312-362-8232 or 

Who should I contact if I have questions about my benefits?

For questions related to COBRA continuation of health benefits, including Dental, Vision, and Health Care Flexible Spending Accounts, contact WageWorks at 877.722.2667 M-F 7am-7pm CST.  You may also contact DePaul’s Benefits Department at 312.362.8232 or​

Is my incentive payment 403(b) eligible?

No, the incentive payment is not eligible for employee contributions or the employer match.

What happens to my contributions in the 403(b) retirement plan?

If you are enrolled in the 403(b) Plan, your elected contributions and match will be taken on your final regular paycheck. All employee contributions and university match are fully vested. Upon termination from the University, if your 403(b) Plan balance is over $1,000, you may leave the balance invested in the plan, or you may request a distribution. Contact your fund sponsor (Fidelity and/or TIAA) directly to review your account balance and discuss your distribution options.

What should I do if I have an outstanding 403(b) loan?

Employees who terminate from the University and have an outstanding loan balance will continue to be responsible for making loan payments.  Payments will continue uninterrupted via the method and frequency the employee established with the fund sponsor.  Outstanding loan balances can be fully repaid at any time with no penalties.  Any prepayments will reduce the dollar amount of the future payments, but not the number of payments due.  Employees with outstanding loan balances should contact Fidelity or TIAA if they have further questions.

Can I still access Campus Connection?

Limited access to the Self-Service function will continue after your separation. 

Can I still access my DePaul email?

Access to your email will end as of your last day of employment, unless you request continued access to your DePaul email account as a retiree.  You can elect to continue email access on the Retiree Benefits Enrollment Form, which you will receive with your separation package. 

Can I apply for Unemployment?

Retirees may be ineligible for unemployment compensation due to:  1) the voluntary nature of the program, 2) the provision of the early retirement plan incentive, and 3) access or withdrawal of 403(b) retirement plan savings. 

Am I eligible for rehire with DePaul if I elect the Early Retirement Program?

There should be no assumption that retirees will be able to return to a part-time position at DePaul after retiring under the Early Retirement Incentive Program.  Rehire decisions will be made by the Dean with permission of the Provost on a case-by-case basis, and will depend on the College/Department’s needs and the individual’s qualifications.

After a 6 month break in service, faculty members who retire under the Early Retirement Program, may be considered for re-employment by DePaul University in an adjunct faculty position.  Pay will be offered at the normal adjunct rates.

However, you may not return to employment in:

  • A full-time tenured faculty position
  • A full-time non-tenured faculty position
  • A full-time staff position
  • A part-time staff position
  • A temporary position
  • A consulting position
  • A student employee position

All retirees must adhere to a waiting period before returning to teach and their teaching schedule must be managed to preserve their retiree medical eligibility before any consideration can be given to the re-employment of a retiree.  If a retiree would like to accept a part-time teaching position, s/he should consult with a tax or legal advisor to ensure that qualified plan distribution rules are not violated and that there are no impediments to taking a distribution from the 403(b) plan. S/he should also consult with human resources to ensure that s/he will not jeopardize retiree medical eligibility.​

Do I need to return original copies of the Expression of Interest form and/or the Severance Agreement, or is a scanned/faxed version acceptable?

You may submit electronic versions of the signed Expression of Interest form and/or the Severance Agreement.  However, you must follow up with an original signed version of the Severance Agreement.

How will I be taxed on my Incentive Payment?

Your incentive payment is taxable at the supplemental income tax rate.  Supplemental wages will have a flat rate of 22% withheld for federal tax and 4.95% for Illinois state tax (if applicable). The payment may also have Social Security and Medicare taxes withheld, depending on your income level and in accordance with withholding required by law and the University’s normal payroll procedures. Please consult your tax advisor to discuss the tax implications for your specific circumstances and situation.​

Who can I speak to about general questions I have about my retirement?

For any questions not specifically addressed, please contact the DePaul University Human Resources Benefits Department at 312.362.8232.

How is my Incentive Payment calculated?

The Incentive Payment is calculated using gross wages as reported in Box 5 of your 2018 W-2.  Box 5 reflects Medicare Wages and Tips, and includes taxable earnings plus taxable benefits, minus pre-tax deductions other than 403(b) deferrals.​